By Anthony Goel & Sean Grant
People with dementia or Alzheimer’s disease often feel that no insurance company will issue a new burial insurance policy or any type of life insurance to them. However, nothing could be further from the truth. For the uninitiated, dementia denotes a severe medical condition that reduces a person’s life expectancy significantly. For this reason, most insurers treat people with dementia as underwriting risks. Having said that, people afflicted by this condition can still obtain burial insurance andFurneral insurance coverage.
Life insurance with Alzherimer’s or Dementia can be challenging. We have helped hundreds of families secure a final expense insurance policy for their loved ones who have Alzheimer’s or Dementia. Call us at 888-502-5367 and let one of our agents assist you and your family today. Many families are unsure burial insurance application process, so please let our staff guide you through this process.
Many of our clients are children, who need assistance in finding burial insurance for thier parents. If thisis your situation, please reach out and put our expertise to work.
Why Do Many Insurance Companies Seem Unwilling to Provide Insurance to People with Dementia or Alzheimer’s?
Dementia refers to the gradual loss of brain function and behavioral abilities of a person. As such, it will significantly impede the person’s ability to perform activities of daily living. Not a part of the natural aging process, dementia can become more common as people age.
Dementia and related disorders can lead to premature death. Thus, it comes as no surprise that many insurers remain wary of insuring people afflicted by these conditions. For this reason, many insurers will not offer the full amount of the death benefit during the first two years of your new burial insurance policy.
Even though the options might seem limited, you will still be able to obtain burial insurance with these disorders. However, your new policy will inevitably feature a waiting period of two years and a significantly higher premium. To our knowledge, no life insurance or burial insurance provider will offer a policy that pays out an immediate death benefit. While this can be frustrating, you simply need to understand the insurance companies view people with dementia or Alzheimers as an extremely high risk. If a company views you as a higher risk to their balance sheets, they will only offer quaranteed acceptance policies.
This means anyone can be approved. But if death occurs in the first two years of the policy, only the premiums paid In plus 10% interest is paid to the beneficiary. After the first two policy years, at any point thereafter at the time of death, the full amount is paid to the beneficiary.
For many seniors in their eighties,a guaranteed issue life insurance policy may be their only option. If a person can qualify for a policy that pays an immediate death benefit, our staff will gladly relay this information to you.
Does all this seem like a lot to process? Don’t worry! The insurance experts at Elite Insurace Brokers are here to help answer your questions, address your concerns, and guide you in the direction of a final expense life insurance policy that fits your needs and your budget. Visit us today to get a free, no-strings-attached quote, and then come back often for more information and inspiration about life and life insurance!
By Sean Grant
Does all this seem like a lot to process? Don’t worry! The insurance experts at Elite Insurace Brokers are here to help answer your questions, address your concerns, and guide you in the direction of a final expense life insurance policy that fits your needs and your budget. Visit us today to get a free, no-strings-attached quote, and then come back often for more information and inspiration about life and life insurance!
In the spirit of transparency, this blog post is for informational purposes only. We know how quickly things change, so we can’t guarantee the content and links to unaffiliated parties are up to date.
